Sheridan Ltd. reported net income of $5307000 for 2023, and earnings per share of $4. Included in the net income was $758000 of bond interest expense related to its long-term debt. The income tax rate for 2023 was 30%. Dividends paid on preferred shares was $1004000. The payout ratio on common shares was 25%. What were the dividends paid on common shares in 2023?

Select answer from the options below

$1616650

$1075750

$1207525

$1326750